Unibail-rodamco-westfield Se Stock Earnings Reports

Key investor takeaways: URW delivered a strong H1 2025 that validates its Platform for Growth plan. Operating: group like‑for‑like NRI +4.1% and like‑for‑like EBITDA +4.1%; footfall and tenant sales outperformed national indices (Europe +3.1%, U.S. +5.7%); vacancy improved to 4.9% (from 5.5% a year ago) and rental reversion remains healthy (7.1% uplift on top of indexation, 80% long‑term leases). Portfolio and projects: portfolio valuations rose +1.2% (first positive revaluation since 2018); Westfield Hamburg retail has ~4m visits and is exceeding retailer sales targets; development pipeline to decline to ~€1.1bn by year‑end with total CapEx guidance aligned to Investor Day. Disposals & capital allocation: €1.6bn disposed/secured, ~€0.9bn under active discussion, on track for the €2.2bn disposal target by early 2026; airports business and Pullman Paris Montparnasse deals announced (~€0.6bn). Balance sheet & liquidity: IFRS LTV (incl. hybrid) 44.7% (down 80 bps YTD), net debt/EBITDA 9.2x, IFRS cash €3.3bn, available liquidity €12bn covering ~3 years of maturities. Financing wins: €1.2bn CMBS refinanced with ~190 bps annual saving; hybrid re‑couponing/downsizing cut coupon cost materially. Profits & shareholder returns: H1 AREPS €5.11 (‑0.6% YoY, but underlying AREPS growth ~+5.8% rebased for disposals); company expects full‑year AREPS at the upper end of guidance (€9.30–€9.50) and will propose a €4.50 per share distribution for FY2025 (c. +30% vs 2024) as part of a cumulative ≥€3.1bn shareholder return through 2028. Execution risks: guidance assumes stable macro/geopolitical backdrop and FX movements can shift reported NAV/NRV; remaining disposals are selective (not distressed) and timing will affect deleveraging pace.